"It's like trying to grab a tiger by the tail," Cates said of the business. "It’s a restaurant and bar. We have to open up at 8 a.m. and close at 2 a.m."

Cates, an account executive at Clear Channel, said the grind had become too much for him and O'Brien, who runs several franchises of Larry's Pizza.

Cates said he placed the ad on Craigslist to see who would "bite."

Selling doesn't have anything to do with the fortunes of the business, he said. "It's a good cash-flow business. If I can’t get the right amount of cash for it, I’ll keep it and keep making money on it. I’m not going to give it away."

He said the Craigslist posting had already sparked 10 calls of interested parties.